Dividends, leverage, and family ownership in the emerging Indonesian market

Mulyani,Evy, Singh,Harminder and Mishra, Sagarika 2016, Dividends, leverage, and family ownership in the emerging Indonesian market, Journal of international financial markets, institutions and money, vol. 43, July 2016, pp. 16-29, doi: 10.1016/j.intfin.2016.03.004.

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Title Dividends, leverage, and family ownership in the emerging Indonesian market
Author(s) Mulyani,Evy
Singh,HarminderORCID iD for Singh,Harminder orcid.org/0000-0003-2249-2387
Mishra, SagarikaORCID iD for Mishra, Sagarika orcid.org/0000-0003-0590-225X
Journal name Journal of international financial markets, institutions and money
Volume number 43
Season July 2016
Start page 16
End page 29
Total pages 14
Publisher Elsevier
Place of publication Amsterdam, The Netherlands
Publication date 2016-03-25
ISSN 1873-0612
Keyword(s) dividend
leverage
family ownership
Summary We examine the roles of dividends and leverage to mitigate agency problems within familyfirms in Indonesia. Using simultaneous equations, we find a significant negative associationbetween family ownership and dividend payout and a two-way negative relation betweendividend payout and leverage. Our analysis reveals that, compared to non-family firms,family firms tend to maintain a lower dividend pay-out and higher leverage. The presenceof large non-family ownership appears to have an impact on determining levels of privatebenefit control. During the Asian and global financial crisis, family firms changed theirdividend pay-out more than non-family firms did.
Language eng
DOI 10.1016/j.intfin.2016.03.004
Field of Research 150201 Finance
1402 Applied Economics
Socio Economic Objective 900101 Finance Services
HERDC Research category C1 Refereed article in a scholarly journal
ERA Research output type C Journal article
Copyright notice ©2016, Elsevier B.V.
Persistent URL http://hdl.handle.net/10536/DRO/DU:30083055

Document type: Journal Article
Collection: Department of Finance
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